Global Biolubricants Market to Reach $2.5 Billion by 2026
SAN FRANCISCO, March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Biolubricants - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 20; Released: February 2022
Executive Engagements: 8042
Companies: 84 - Players covered include BP Plc Cargill; Incorporated Chevron Corporation; Emery Oleochemicals Group; Eurol B.V.; ExxonMobil Corporation; Fuchs Petrolub SE; HollyFrontier Corporation; Millers Oils Ltd.; NuPro Industries Corporation; Panolin AG Renewable Lubricants, Inc.; Royal Dutch Shell plc; Total SE Valvoline Inc. and Others.
Coverage: All major geographies and key segments
Segments: Base Oil Type (Vegetable Oils, Animal Fats, Other Base Oil Types); Application (Hydraulic Fluids, Two-Cycle Engine Oils, Greases, Gear Oils, Mold Release Agents, Other Applications); End-Use (Industrial, Consumer Automobile, Commercial Transport)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; India; South Korea; Rest of Asia-Pacific; Rest of World.
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ABSTRACT-
Global Biolubricants Market to Reach $2.5 Billion by 2026
Bio-based lubricants (Biolubricants) represent a 'greener' alternative for the conventional lubricating oils that jeopardize the world's ecological balance through noxious emissions. Biolubricants are increasingly being pursued for their promising potential to formulate economically sustainable and environmentally safer products. Biolubricants are poised to witness healthy growth once the economy recovers from COVID-19 driven by growing demand for renewable, natural, non-toxic non-polluting and sustainable lubricants. Growing environmental concerns would help bio-based lubricants make their way into high-demand and lucrative application areas in the automotive and industrial sectors. Advancements in the field of automobile engineering, particularly developments in engine design and operating efficiency, have also been driving considerable demand for biolubricants. Strict government regulations, particularly in North America and Europe, that discourage the use of synthetic and chemical-based lubricants is expected to act as a demand driver. Fast depleting crude oil reserves and quality of crude oil produce will also continue to drive demand for biolubricants. Advancements in the field of automobile engineering, particularly developments in engine design and operating efficiency, have also been driving considerable demand for biolubricants. Product innovations and developments will also sustain growth momentum in the coming years. The demand will be more for lubricants that come with better product characteristics like higher flash points, constant viscosity, greater biodegradability, and also reduced emission levels because of stringent guidelines on emissions and an active regulatory framework.
Amid the COVID-19 crisis, the global market for Biolubricants estimated at US$2 Billion in the year 2022, is projected to reach a revised size of US$2.5 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Vegetable Oils, one of the segments analyzed in the report, is projected to grow at a 5.7% CAGR to reach US$1.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Animal Fats segment is readjusted to a revised 5% CAGR for the next 7-year period. This segment currently accounts for a 31% share of the global Biolubricants market. Vegetable base oil dominates market share, given its widespread use due to its attributes such as high viscosity index, increased shear stability, reduced volatility, increased lubricity, and higher biodegradability. Further, these oils provide improved technical performance and oxidative stability in comparison to animal fats.
The U.S. Market is Estimated at $374.8 Million in 2022, While China is Forecast to Reach $230.4 Million by 2026
The Biolubricants market in the U.S. is estimated at US$374.8 Million in the year 2022. The country currently accounts for a 18.57% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$230.4 Million in the year 2026 trailing a CAGR of 7.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5% CAGR while Rest of European market (as defined in the study) will reach US$246.8 Million by the end of the analysis period. Demand for biolubricants in the European region continues to remain high, driven by subsidies, tax breaks, and national as well as international labeling programs. Demand for bio-lubricants is high in the US, particularly for the hydraulic fluid application. Also, in 2018, three novel bio-based engine oils were approved by NASA. These new lubricants are used in five vehicles at the Armstrong Flight Research Center of NASA. In Asia-Pacific, the expansion of the power sector is expected to drive gains in the global market. Growing automotive ownership in Asia-Pacific, thanks to steady economic growth, rising employment levels, improving standard of living, increase in discretionary spends, and development of road infrastructure, particularly in fast growth countries such as China and India, is also driving the demand in the region.
By Application, Hydraulic Fluids Segment to Reach $884.6 Million by 2026
Hydraulic fluids are synthetic formulations specially designed to transmit the power in hydraulic machinery, which are predominantly used in mining, industrial, agricultural and marine sectors. Although, petroleum oils constitute the primary feedstock for producing hydraulic fluids, mounting concerns over the impact of petroleum oil based fluids on environment, is creating ample opportunities for bio based hydraulic fluids. In the global Hydraulic Fluids Application segment, USA, Canada, Japan, China and Europe will drive the 5.54% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$558.9 Million will reach a projected size of US$815.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$60.7 Million by the year 2026. More
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